Pakistan, Russia reaffirm commitment to strengthening trade ties

ISLAMABAD: Finance Minister Muhammad Aurangzeb held a meeting with Deputy Prime Minister of the Russian Federation Alexei Overchuk on the sidelines of the Boao Forum for Asia (BFA) conference on Friday.

During the meeting, the minister reaffirmed Pakistan’s commitment to enhancing economic, trade, and investment ties with Russia.

He emphasized the growing momentum in bilateral relations, especially in the fields of energy, trade, and industrial collaboration, recalling the significant progress made during the 9th session of the Pakistan-Russia Inter-Governmental Commission (IGC) in Moscow, co-chaired by Pakistan’s Minister for Energy Awais Ahmed Leghari, and Russia’s Minister of Energy, Mr. Sergei Tsivilev.

Discussions during the meeting also focused on strengthening energy cooperation, with Pakistan expressing interest in expanding the procurement of crude oil and investments in oil and gas exploration.

The two dignitaries also delved into opportunities for collaboration in the hydropower sector, with Pakistan welcoming Russia’s technical expertise and investment.

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Additionally, the Minister acknowledged the significance of the Pakistan-Russia Freight Pilot Train Project, scheduled for launch on March 31, 2025, under the North-South Transport Corridor via Iran. Both sides discussed measures to ensure smooth operations, including customs facilitation and regulatory alignment.

Pakistan’s keen interest in establishing a new steel mill with Russian collaboration was also highlighted.

The minister stressed the importance of feasibility studies and cost assessments to move the project forward.

The finance minister reaffirmed Pakistan’s commitment to strengthening its economic and trade relations with Russia and expressed optimism about expanding bilateral cooperation in key areas of mutual interest. The meeting concluded on a positive note, with both sides eager to achieve tangible progress in the near future.